Technology Revolution in Financial Services

DataArt posts an interview with Managing Director Alexei Miller in which he discusses financial services and the role of new technologies such as cloud computing, artificial intelligence, machine learning, and blockchain. He also emphasizes the importance of establishing effective data management through upfront planning and solution design.

“They are looking for better deployment of technologies that have been announced at the world stage for some time now such as cloud, artificial intelligence, machine learning, blockchain, and distributed ledger.... And what is making the job of chief operating officers, chief technology officers particularly difficult looking forward is this need to find the right middle ground, and the truth is for every financial services organization that middle ground is in their own special way.”

“Data quality and data integration present one avenue for further improvement in automation and then data use effectiveness presents the other.”

“Much of the effort is spent today on fixing data once it already gets there, and much of that effort is wasted. ... Well thought-out solution design effort upfront of a build-out phase can actually be very helpful in ensuring future data quality.”

“New technologies, particularly from the AI family, are going to be instrumental in helping firms jump through this next phase of automation that is so critical in making sure the entire industry is more effective.”